Source: How to pet a kitty – The Oatmeal
As I have mentioned to you in the past, I’ve made a lot of mistakes. Luckily, most of these mistakes were small and didn’t cause much harm to my business or me personally. But on one occasion, my mistake not only brought my business down, but it also almost bankrupted me.
Here is the story of my million-dollar mistake.
The early days
Towards the end of my high school career, I started my first real Internet business. The business was called Advantage Consulting Services (ACS), which consulted small- to medium-sized businesses on their Internet marketing strategies.
At first, like most businesses, ACS struggled. But through blogging, speaking at industry events, and cold calling, my business partner and I were able to grow ACS into a cash cow.
During our peak, we were pulling in millions of dollars with high profit margins. Once ACS started to do well, my business partner and I decided to expand, but we didn’t expand in a good way.
Most entrepreneurs would expand their core business and try to accelerate its growth. But my business partner and I aren’t like most entrepreneurs. We decided we would be different and expand into new ventures that weren’t related to our core business.